Correlation Between INTERSHOP Communications and InPlay Oil
Specify exactly 2 symbols:
By analyzing existing cross correlation between INTERSHOP Communications Aktiengesellschaft and InPlay Oil Corp, you can compare the effects of market volatilities on INTERSHOP Communications and InPlay Oil and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in INTERSHOP Communications with a short position of InPlay Oil. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTERSHOP Communications and InPlay Oil.
Diversification Opportunities for INTERSHOP Communications and InPlay Oil
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between INTERSHOP and InPlay is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding INTERSHOP Communications Aktie and InPlay Oil Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on InPlay Oil Corp and INTERSHOP Communications is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on INTERSHOP Communications Aktiengesellschaft are associated (or correlated) with InPlay Oil. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of InPlay Oil Corp has no effect on the direction of INTERSHOP Communications i.e., INTERSHOP Communications and InPlay Oil go up and down completely randomly.
Pair Corralation between INTERSHOP Communications and InPlay Oil
Assuming the 90 days trading horizon INTERSHOP Communications Aktiengesellschaft is expected to under-perform the InPlay Oil. In addition to that, INTERSHOP Communications is 1.36 times more volatile than InPlay Oil Corp. It trades about -0.01 of its total potential returns per unit of risk. InPlay Oil Corp is currently generating about -0.01 per unit of volatility. If you would invest 139.00 in InPlay Oil Corp on November 1, 2024 and sell it today you would lose (29.00) from holding InPlay Oil Corp or give up 20.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
INTERSHOP Communications Aktie vs. InPlay Oil Corp
Performance |
| Timeline |
| INTERSHOP Communications |
| InPlay Oil Corp |
INTERSHOP Communications and InPlay Oil Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INTERSHOP Communications and InPlay Oil
The main advantage of trading using opposite INTERSHOP Communications and InPlay Oil positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTERSHOP Communications position performs unexpectedly, InPlay Oil can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in InPlay Oil will offset losses from the drop in InPlay Oil's long position.| INTERSHOP Communications vs. InPlay Oil Corp | INTERSHOP Communications vs. FUYO GENERAL LEASE | INTERSHOP Communications vs. Siamgas And Petrochemicals | INTERSHOP Communications vs. United Rentals |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Stocks Directory Find actively traded stocks across global markets | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Equity Valuation Check real value of public entities based on technical and fundamental data |